I joined the competition and it seems the trading system backed by oanda is very good,and their helpline works professionally. Just one thing differs from other competitors which are regulated by UK watchdog is the bank's cfd trading account is not seregated,but as it is a big name name as a bank,you don't need worry about it.
And it gives your interests like saving account. quite strange,a little misleading....
And it gives your interests like saving account. quite strange,a little misleading....I am glad to hear you say that their helpline works professionally...I have found setting up an account with them extremely difficult - it appears they wont let you set up unless you have over 2 years CFD trading experience! Still other than that they seem very good. And thanks whipsaw for the encouragement!
I did not check their live account application terms. but for the 2 years experience is a kind of protection when you are going to step into a high risk online trading. normally, they shouldn't ask you providing any relevant evident to support,it is a seeming condition, and a little tricky as they only launched this CFD trading about 5 months ago,therefor,by binding this special point, they can report to their board that all their clients are exsiting CFD clients and they are successfully extending their market share by reducing other competitors. If it does work,then there is no reason to educate the target and no need to spend one penny in pre-trainning or education sectors. How those banker smart.
My experience is totally different - regarding CFDs ( indices)- due to their very special incarnation of offered indices: To avoid overnight financing costs, these are calculated constantly and added to the price of the underlying. So at no time you have a dax (or ftse) comparable to spot or future prices, you can`t verify their artificial dax (dow, nq100...) construct with third party datafeeds. And worst of all they won`t supply any historical data of their artificial prices for backtesting. And you will pay for financing intraday as well.
For currencies they are ok, but why not go with the original (OandA) instead?
Regards
Hittfeld
1.CFD on currencies works as same as in oanda forex trading which cannot offer CFD as they are US based.
2.I supposed almost magin trading transations are on a day trading basis. very fews player look at the overnight interests pay-in or out.(therefor,i was wondering why abn need to highlight their "paying interest like saving account on the margin trading balance".
3.regarding to the underlying market price,i do have the same confused question before,but now i believe,all futures index price has more stability rather than spot.and when you trade CFD,all prices are OTC (except Australia) price,once you believe they offer you at higher / lower price compare with your point of view,then just go short / long to against this priciple.simple as that.
4.the provider is a trading service firm,not a data vendor. so if you need more deepth in market data,i suggest you go to esignal or quote.
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1.CFD on currencies works as same as in oanda forex trading which cannot offer CFD as they are US based.
2.I supposed almost magin trading transations are on a day trading basis. very fews player look at the overnight interests pay-in or out.(therefor,i was wondering why abn need to highlight their "paying interest like saving account on the margin trading balance".
3.regarding to the underlying market price,i do have the same confused question before,but now i believe,all futures index price has more stability rather than spot.and when you trade CFD,all prices are OTC (except Australia) price,once you believe they offer you at higher / lower price compare with your point of view,then just go short / long to against this priciple.simple as that.
4.the provider is a trading service firm,not a data vendor. so if you need more deepth in market data,i suggest you go to esignal or quote.
Re 1 : Yes, currencies and some other underlyings (gold..) are offered by OandA. Abnamro is a white-label partner of OandA, but widens the spread!
Re 2 : For one, there are EOD traders. Secondly, when you go long 10 CFD-Dax at CMC at a price of 6400 and close this 1 hr later at 6200 you have earned 2000. With ABN you would have earned 2000 minus interest on 62000 Euros for this hour. This interest is included in the price. Thats why the data are not comparable to any other broker.
Re 3: Cash (spot) prices and the future (which is easily derived from the spot) are rather clear. CFD prices of indices are nearly identical (aside from spread) with all other cfd providers. But not with abnamro.
Re 4: Abnamro is not just a trading service firm, but part of the large abnamro bank, which also runs a very large warrants division with enormous number of exotic warrants and their "mini-future" variation. They know what they do ( and when their computers seize working) to milk the market. They utilise the market data, but I doubt if their index data are available through any data feed.
Regards
Hittfeld
hi, Hittfeld,
Thank you for your comments.
As I do not have SB or CFD trading account in neither Abnamro nor CMC, I cannot contrapose what will happen in that case. But in the Abnamro demo, I didn't find there were any interests charges occurs during a position hold WITHIN same trading day.It's incredible. Only reason in my suspicion is your hold a spot-price based postion rollover to the next trading day.but that is not a case apply normal spot DAX trading as almost provide do not offer 24 hours trading on this spot index CFD.(few offers US or Australia's spot index even in off-exchange hours.)
Another discussed issue is I disagree that <<future (which is easily derived from the spot) >>. I believe all tradable spot derivatives ARE DERVIVED from the underlying futures markets price.
I don't want be put in a defence or promoting Abnamro CFD business because they are a child,bron in this year.
Thank you for your comments.
As I do not have SB or CFD trading account in neither Abnamro nor CMC, I cannot contrapose what will happen in that case. But in the Abnamro demo, I didn't find there were any interests charges occurs during a position hold WITHIN same trading day.It's incredible. Only reason in my suspicion is your hold a spot-price based postion rollover to the next trading day.but that is not a case apply normal spot DAX trading as almost provide do not offer 24 hours trading on this spot index CFD.(few offers US or Australia's spot index even in off-exchange hours.)
Another discussed issue is I disagree that <<future (which is easily derived from the spot) >>. I believe all tradable spot derivatives ARE DERVIVED from the underlying futures markets price.
I don't want be put in a defence or promoting Abnamro CFD business because they are a child,bron in this year.
ABN do actually charge interest intraday on positions, even in their demo account - if you click on the activity tab it shows you the financing of each position. However it seems to be quite small.
Anyone ever had any issues with putting money in the account?
I made a bank transfer from my account as instructed. My online banking shows the money has been debited 6 days ago now, but when I speak to ABN they just keep saying that they haven't recieved the funds. So annoying.
I made a bank transfer from my account as instructed. My online banking shows the money has been debited 6 days ago now, but when I speak to ABN they just keep saying that they haven't recieved the funds. So annoying.
